Category: Uncategorized

SunPump ($SUN) is the world’s first platform dedicated to the fair launch and trading of meme coins, offering a user-friendly, low-cost, and secure environment for creators and traders on the TRON network. The SunPump platform is part of SUN.io, Tron’s first decentralized autonomous platform integrating stablecoin and token exchanges whilst supporting liquidity mining. Here is our review on everything you wanted to know about SunPump ($SUN).

What is SunPump?

SunPump is a platform on TRON that facilitates the fair launch and trading of meme coins. It offers creators an accessible, low-cost way to create their own meme coins in a secure and user-friendly environment. Here are SunPump’s main features:

1. One-click token generation: Users can easily create meme coins by providing a token name, symbol, image, and paying a small fee.
2. Bonding curve mechanism: SunPump adjusts prices based on token supply, ensuring fairness and transparency.
3. Instant market access: Newly created tokens are immediately listed, allowing seamless buying and selling.
4. Liquidity and token burn: When a token’s market cap meets specific criteria, SunPump injects liquidity funds into SunSwap and executes a token burn.
5. Transparency: All transactions are public, allowing users to monitor activity. Additionally, SunPump has introduced a gas fee reduction program to make participation more accessible.

Fees

SunPump charges its fees at a very competitive rate for both meme coin creators and traders. SunPump fees are as follows:

• Trading fee: There is a 1% trading fee on transactions conducted on the SunPump platform.
• Creation fee: SunPump charges a creation fee of around 20 $TRX for launching a memecoin on the platform.
• Liquidity fee: When a project reaches 100% of the Bonding Curve, the smart contract will automatically add around 100,000 TRX and 200 million tokens to the SunSwap V2 liquidity pool, deducting about 3,000 TRX as a liquidity addition fee.
• Deposit/withdrawal fees: SunPump does not charge any additional deposit/withdrawal fees aside from the usual gas fees for blockchain transactions.

What is the SUN.io ($SUN) token?

The SUN.io ($SUN) token is the platform’s native token. As a governance token, $SUN grants holders voting rights to influence the platform’s direction, including decisions on upgrades and protocol updates. The $SUN token can also be locked up to earn veSUN rewards. In turn, holding veSUN entitles to multiple rewards such as TUSD rewards, accelerated liquidity pool mining and voting rights to decide the weights of liquidity pools.

How does SunPump work?

SunPump’s main features for traders are they they provide a secure and verifiable token contract, with no presale and no team allocation. You can trade on SunPump in 5 simple steps as follows:

• Explore Meme Coins: Visit the SunPump platform and browse through the available meme coins.
• Select a Coin: Choose the meme coin that interests you the most.
• Purchase Tokens: Use the Bonding Curve mechanism on the platform to buy tokens.
• Trade Tokens: You can sell your tokens at any time to lock in profits or cut losses.
• Engage with the Community: Participate in community activities to help increase the market value of your chosen meme coin.

Is SunPump safe?

SunPump launched just 11 days ago on the Tron network, has already generated over $1 million in revenue. While SunPump itself hasn’t been hacked, remember that investing in highly volatile meme tokens carries risks, so users may want to always be cautious.

Conclusion: Pros and Cons of SunPump

SunPump ($SUN) is a world’s first platform on TRON that facilitates the fair launch and trading of meme coins. Here are some of SunPump’s main pros and cons.

Pros

1. One-Click Token Generation: Creators can easily create meme coins by providing a token name, symbol, image, and paying a small fee.
2. No token presale: The benefit of no token presale means the token launch is more fair and allows for wider community participation.
3. No team allocation: This prevents concentration of pair and ensures a fairer ecosystem. In addition, it means team members are motivated to work for the project’s success without a guaranteed allocation and will only be rewarded on the project’s performance.
4. Bonding Curve Mechanism: SunPump adjusts prices based on token supply, ensuring fairness and transparency.
5. Instant Market Access: Newly created tokens are immediately listed for seamless buying and selling.
6. Transparency: All transactions are public, allowing users to monitor activity.
7. Gas Fee Reduction Program: SunPump introduced the gas fee reduction program to make participation more accessible.

Cons

1. Inherent Risks: Meme coins can be subject to price manipulation and fraudulent activities such as hacks.
2. Costs: SunPump charges a creation fee for launching meme coins, and there’s a 1% trading fee on transactions.
3. Space for Improvement: While successful, SunPump may need ongoing enhancements to address challenges. However, SunPump has only recently launched so it’s expected they will continuously improve on their platform.

Further reading

Check out our other memecoin platform reviews:

Four.meme review: Everything you wanted to know

Learn how to trade memecoins and get an early advantage!

How to snipe Solana ($SOL) memecoins early

As the United States tightens its regulations on cryptocurrency, Asia is taking a different approach by embracing the potential of digital assets. Hong Kong, one of Asia’s prominent international financial centers, recently made a significant decision to formally approve the retail trading of crypto assets, effective from June 1, 2023. Furthermore, the Web3 economy in Asia considers this development a significant milestone. The Securities and Futures Commission (SFC) released a conclusion paper highlighting several key points regarding the new regulations. Here’s some key points you NEED to know about Hong Kong’s crypto regulations which will come into effect on 1st June 2023.

Check out our latest video- 🚨 Hong Kong BULLISH Regulations, BUT There’s a CATCH

Key points:

Here are 11 important key points from the SFC’s Conclusion Paper:

1. Expansion of Crypto Trading Accessibility:

Firstly, retail traders in Hong Kong can now participate in cryptocurrency trading, expanding access beyond professional or accredited investors.

“We note the strong support expressed for allowing licensed VA trading platforms to provide their services to retail investors and will allow licensed VA trading platforms to provide their services to retail investors.” (p 4)

2. Risk Assessment:

In addition, as part of the onboarding process, retail users will still need to complete a risk tolerance assessment test.

“For example, the proposed requirement to assess a client’s risk tolerance is part and parcel of the existing suitability requirement.” (p 6)

3. Track Record for Utility Tokens:

Utility tokens seeking listing will need to demonstrate a 12-month track record before being eligible for trading, eliminating primary offerings.

“While a 12-month requirement may not have prevented the recent collapses of some tokens, this requirement aims to reduce the risk of reasonably hard-to-detect fraud as well as the possible impact on the price of a token of the marketing efforts leading up to its initial offering, especially since token offerings are generally unregulated and not subject to the safeguards which are present in the traditional securities markets.” (p. 9)

4. Security Tokens Exclusivity:

Moreover, retail traders will not have access to security tokens, as the Hong Kong Stock Exchange (HKEX) maintains a legal monopoly on equity trading within Hong Kong.

“Security tokens cannot be offered to retail investors in breach of the prospectus regime under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (C(WUMP)O) and the offers of investments regime under Part IV of the SFO.” (p. 9)

5. Stablecoin Limitations:

Nevertheless, the finalized policy by the Hong Kong Monetary Authority (HKMA) excludes stablecoins from trading by retail users.

“Prior to stablecoins being subject to regulation in Hong Kong, it is our view that they should not be admitted for retail trading.” (p. 12)

6. Token Listing Requirements:

To ensure a certain level of market recognition, the SFC mandates that listed tokens must satisfy the requirement of being included in a minimum of two “acceptable indices”.

“The SFC would like to reiterate that being included in two acceptable indices is not the sole criterion for admitting a virtual asset. It is merely a minimum criterion.” (p. 11)

7. Restrictions on Giveaways:

Additionally, while the SFC prohibits trading platforms from conducting giveaways, they can make an exception and offer fee discounts to users.

“we have now made the prohibition of gifts explicit in the VATP Guidelines, with the exception of discounts of fees or charges.” (p. 12)

8. Asset Custody and Insurance:

Trading platforms must ensure full financial coverage for custody of assets. However, the requirement for assets stored in cold storage does not mandate 100% insurance coverage, but it does require a minimum of 50% coverage. Self-coverage is also permissible, provided the platforms hold reserve assets in the same form as the client’s holdings.

“we remain of the view that client virtual assets held in hot and other storages should be fully covered by the compensation arrangement of a licensed VA trading platform.” (p. 14)

“We are thus prepared to lower the coverage threshold to 50% for client virtual assets held in cold storage, on the basis that 98% of client virtual assets will be required to be held in cold storage” (p. 15)

9. Evaluation of Derivatives:

Both retail and institutional traders are still awaiting formal approval for derivatives trading. Evaluation of this aspect will take place at a later stage.

“We are grateful for the detailed and informative responses submitted on this question. As we have explained in the consultation paper, the SFC is aware of the importance of virtual asset derivatives to institutional investors. We will take the large number of comments into consideration and conduct a separate review in due course.” (p. 17)

10. Restrictions on Earning and Lending/Borrowing:

On the other hand, the new regulations do not allow for the operation of earning, lending, and borrowing products associated with cryptocurrencies.

“As such, licensed VA trading platforms will not be allowed to conduct these activities at this stage.” (p. 18)

11. Compliance with Travel Rule:

Lastly, full compliance with the travel rule, which mandates the sharing of transactional information between virtual asset service providers, is a requirement for all participants.

“the SFC considers that submission as soon as practicable after the virtual asset transfer to be acceptable as an interim measure until 1 January 202410 , having regard to the implementation status of the Travel Rule in other major jurisdictions. Licensed VA trading platforms should comply with all other Travel Rule and relevant requirements in paragraphs 12.11 to 12.13 with effect from 1 June 2023, including submitting the required information to the beneficiary institution securely, while adopting the said interim measure. Amendments have been made to paragraphs 12.11 to reflect this.” (p. 20)

Conclusion

Hong Kong’s decision to allow retail trading of crypto assets marks a significant shift in the region’s regulatory landscape. In light of this, the introduction of these new crypto regulations, Hong Kong aims to strike a balance between investor protection and fostering the growth of the Web3 economy. To summarize, the impact of this move on the future of crypto adoption in Asia and beyond is still uncertain and awaits further observation.

The DeFi ecosystem was recently rocked by a major breach on April 9, when a smart contract bug on the SushiSwap project resulted in over $3 million in losses. According to security reports posted on Twitter by the blockchain security auditing firms Certik Alert and Peckshield, an approve-related bug in the platform’s Router Processor 2 contract exposed a single user’s account to the tune of 1,800 ETH, roughly equivalent to $3.3 million.

Several community members, particularly Sifu (the user whose funds were lost), expressed their shock at the hack, while DefiLlama, a pseudonymous developer, attempted to calm the situation by noting that only users who had interacted with the SushiSwap protocol in the four days prior to the breach were affected.

SushiSwap head developer Jared Grey jumped in to offer support, urging users to immediately revoke their permissions for all the contracts within the platform before any other funds could be stolen. Grey also released a GitHub list containing the contracts from multiple blockchains that needed revoking and reassured users that “Sushi Protocol”—which houses the favored user interface—was not affected by the exploit.

Fortunately, Gray also stated that most of the stolen funds were quickly recovered by a whitehat security team that was working around the clock. He specified that the funds that were retrieved—amounting to more than 300 ETH—were handed back to the victim Sifu while reiterating that the team was still in contact with members of the Lido team in an effort to return the remaining 700 ETH.

The news comes at a stressful time for SushiSwap, with Grey having recently broken the news of its SEC subpoena just two weeks prior. Despite the such disruption in the ecosystem, however, the SUSHI token has only dipped slightly over the past 24 hours—dropping by about 3%—which can be seen as a sign of confidence in the future of the project.

In 2021, the SushiSwap team was able to avoid a massive hack of their code, when a white hat hacker managed to discover a bidding bug that could have been exploited for $350 million. This incident was swiftly brought to the public’s attention by PeckShield, the same security resource that was the first to release an incident report about the April 9 breach.

Following the incident, SushiSwap CTO Matthew Lilley released a statement informing users of the incident and outlining his team’s efforts to identify any users who may have been exposed to partial or full losses of funds on the platform. He also, reassuringly, noted that the user interface was safe to use and that all exposure to the vulnerable RouterProcessor2 had been removed.

It is encouraging to see the team at SushiSwap take quick action and move to protect user funds after the massive exploit. Still, this incident serves as a warning to the entire DeFi community: Smart bugs represent a major threat to blockchain security and should not be taken lightly. Crypto audits and bug bounties must be conducted regularly, while users must remain aware of any suspicious activities related to their peripheral contracts. Only through these preventative measures can the DeFi ecosystem remain safe from similar misfortunes in the future.

Disputes between the Arbitrum Foundation and its blockchain community are heating up following the organization’s proposal to fund its operations with 750 million ARB tokens— worth nearly $1 billion. The proposal has been met with disagreement from the ARB community, with 55% of voters opposing the plan and 42% abstaining.

The conflict between the two parties started when the Foundation transferred the funds without consultation, prompting ARB holders to propose a plan to return the tokens to the DAO Treasury.

In an attempt to patch up its relationship with its community, the Arbitrum Foundation offered two new improvement proposals, AIP-1.1, which put the Foundation’s budget, transparency and spending under community government oversight and AIP-1.2, lowering the proposal threshold from 5 million ARB tokens to 1 million ARB, to make governance more accessible.

The move comes at a time when major exchanges are trading the token, but with some members of the community believing the deal to be in violation of United States security laws. A recent Discord post by a community member said that s/he was filing a securities fraud lawsuit against the Foundation in the coming days and advised them to cease trading immediately.

Analytics from the layer-2 analytics site L2Beat shows Arbitrum’s blockchain to hold 65% of the Ethereum layer 2 market share with hundreds of thousands of eligible users claiming ARB tokens during its launch on March 23. An overwhelming user demand led to the crashed of the airdrop claim page shortly after the launch.

In response to the standoff, the Arbitrum Foundation submitted two additional proposals, AIP-1.1 and AIP-1.2, in an effort to quell the unrest. AIP-1.1 proposes to place the foundation’s remaining 700 million ARB tokens in a “smart contract-controlled lockup” and unlocking them over time, until the community approves a budget for the tokens. Meanwhile, AIP-1.2 amends the current governance documents to enable token holders to post an improvement proposal with only 1 million ARB tokens.

Arbitrum Foundation community lead, eli_defi, stressed that the organization will not move the funds until it has received approval for an acceptable budget from the token holders.

In the aftermath of the crypto governance meltdown, the community members now have to face the possibility that the tokens distributed by the airdrop have been traded in violation of United States securities law. Meanwhile, the two proposals put forward by the Arbitrum Foundation will be subject to discussions and a vote in the coming days, which will likely determine its future relationship with the ARB community. It is yet unclear how these recent development will affect the market’s sentiment towards the token and whether the proposal to return 700 million ARB tokens will be passed.

Blockchain technology has great potential for revolutionizing the financial sector, but the scalability issue has prevented it from becoming a mainstream payment method. In order to unlock blockchain’s full potential and make it easier to use, Layer 2 (L2) scaling solutions have been developed to provide users with faster, cheaper, and more secure transactions. Binance Smart Chain (BSC) is one such network that seeks to become an industry leader with its innovative approach to L2 solutions.

The BSC network recently announced a new proposal to lower transaction fees, allowing users to choose fees below the current 5 gwei rate, with options to go as low as 3 or 4 gwei, depending on their financial needs. The aim is to make transactions faster, cheaper, and more secure. In addition to providing users with more attractive fees, this proposition is also expected to help sustain the BNB economy and optimize block utilization.

The network is targeting a throughput increase from 140 million gas limit and 2,200 transactions per second (TPS) to 300 million gas limit and 5,000 TPS. They plan to achieve this by introducing a communication layer to provide real-time tech support for developers and users, upgrading Web3 applications, and by increasing the number of validator quorums from 29 to 100. The blockchain also intends to launch their new Layer 2 infrastructure, zkBNB, and BNB Greenfield, the blockchain-based Web3 infrastructure.

This past year, BSC has made strides in increased user activity, with daily transactions going up by nearly 60%, however, its success has not been without major disruptions. BSC suffered a temporary halt in operations following a $600 million hack in October and several decentralized finance protocols within its network have witnessed hacks throughout the year.

The progress that BSC has made this far towards providing a more secure and efficient blockchain network is remarkable. By making transactions faster and cheaper via their L2 scaling solutions, they are creating an ecosystem that can compete with rival blockchain networks. As the network continues to grow, increasing its validator quorum and launching its Layer 2 infrastructure, BSC promises to be an intriguing development in the blockchain industry moving forward.

Ethereum Shanghai Upgrade is scheduled for April 12th and includes key economical changes to Ethereum and fee optimizations that will improve the network. This upgrade is part of Ethereum’s upgrade plan into Ethereum 2.0 – a faster, cheaper and more stable public blockchain. The main purpose of the Shanghai Upgrade is financial – it will allow stakers and validators to withdraw staked ETH from the Beacon Chain, which has been locked since December 2020. Some users have feared that this change will unlock $26 billion USD worth of Ethereum, potentially causing Ethereum’s prices to fall.

Staked Ethereum is Unlocking

The key feature of the Shanghai Upgrade is Ethereum Improvement Proposal (EIP) 4895, which will enable validators to withdraw staked ETH. Validators have staked approximately 16 million ETH to secure the network. Validators can participate in validating blocks by staking 32 ETH in the chain, and each staked ETH increases the likelihood of a validator receiving block rewards.

Validators have been staking ETH and earning rewards for validating blocks since the launch of Ethereum’s Beacon Chain in December 2020. However, the rewards earned by validators have been locked since the transition to PoS consensus in September 2022. With the Shanghai Upgrade, validators will finally be able to withdraw their rewards.

The withdrawal of staked ETH has been successfully simulated on the Zhejiang testnet. The Zhejiang testnet is the first of three testnets that will run the simulation. The Sepolia and Goerli testnets will follow, running the simulation in the coming weeks.

Key Improvements (EIP) in the Shanghai Upgrade:

EIP-3651: Warm COINBASE – This EIP aims to lower the gas cost of accessing the COINBASE address, which is a software component that allows developers to receive new tokens.

EIP-3855: PUSH0 instruction – This EIP aims to lower the gas cost of deploying contracts by introducing a new PUSH0 instruction.

EIP-3860: Limit and meter initcode – This EIP introduces a gas cost limit and meter for contract initialization code, which should help to reduce gas costs for developers.

EIP-4895: Beacon Chain push withdrawals as operations – This EIP is one of the key features of the Shanghai upgrade, as it allows validators to withdraw staked ETH from the Beacon Chain.

EIP-6049: Deprecate SELFDESTRUCT – This EIP aims to reduce the risk of contract failure by deprecating the SELFDESTRUCT instruction, which can lead to the loss of funds if used improperly.

These EIPs will reduce gas costs related to Maximal Extractable Value payments when accessing the COINBASE address, lower gas costs for developers, cap developer gas costs in certain cases, and address a similar concern.

The Shanghai Upgrade does not include EIP-4844, which facilitates the “sharding” of the Ethereum blockchain into multiple chains to enhance scalability. Sharding is a scalability solution that divides the whole network of a blockchain into multiple smaller networks called shards.

Validators will have two options for withdrawing their staked ETH. The first option is to create a “withdrawal credential” to unstake their staking rewards accumulated over the past years. The second option is to exit the Beacon Chain completely by unstaking all of their 32 ETH, which is the maximum allowed per validator.

The Shanghai Upgrade is expected to have a significant impact on the market. Approximately 16 million staked ETH will be available for withdrawal, and traders are paying attention to how the market may move. Some traders believe that the upgrade will trigger a selling wave, with many taking profit once staked ETH is unlocked. Others believe that the upgrade will encourage more staking.

Conclusion

The Ethereum Shanghai Upgrade is a minor upgrade for the Ethereum network (albeit a large upgrade in terms of unlocked Ethereum). The Ethereum core developers use this upgrade to stabilize the network rather than to deploy aggressive changes. This is why most of the improvements are smaller quality of life improvements rather than fundamental architecture changes.

The biggest impact of Shanghai has to do with staking and locked tokens. It will enable validators to withdraw staked ETH from the Beacon Chain, which has been locked since December 2020. The upgrade includes several other EIPs that aim to reduce gas costs for Ethereum developers. While it is unclear how the upgrade will impact the market in the short term, it is certain that traders will be watching how much of the available ETH will be cashed out, which could push the price of ETH down.

Blur.io is the leading Ethereum-based NFT Marketplace, offering professional traders batch shelf and floor-sweeping transactions, order book NFT transactions, and the ability to browse and purchase NFTs from other marketplaces with instant liquidity.

What is Blur.io and its Marketplace Fees?

Blur.io is a professional NFT trading platform that offers a convenient and cost-effective solution for traders. It does not charge any transaction fees and recommends a default royalty rate of 0.5% for buyers, which can be customized or even set to 0. Blur.io is a trader-friendly platform that allows users to easily buy, sell, and trade NFTs with no hassle. It also provides a secure and reliable environment for users to store their digital assets. With its user-friendly interface and low fees, Blur.io is the perfect platform for professional NFT traders.

Blur’s Team

Blur is a revolutionary product founded by MIT-graduate @PacmanBlur and supported by venture capitalists Paradigm. It is designed to help users protect their personal information online and keep their digital identity safe. Blur offers a range of features such as password management, secure form filling, and anonymous browsing. It also provides a secure payment system and a virtual credit card to help users protect their financial information. With Blur, users can enjoy a secure online experience and protect their personal data from hackers and other malicious actors.

$BLUR Token Airdrop

Blur, the NFT platform, recently completed its $BLUR token airdrop after Season 1 of its incentivization program. Traders earned up to $3 million in $BLUR tokens and the project launched at a $400 million valuation. Blur is now gearing up for Season 2 of its airdrop program, and the best way to earn $BLUR tokens is to use the platform by buying, selling and listing your NFTs. With the potential to earn up to $3 million in tokens, Blur is an exciting opportunity for NFT traders to get involved in the crypto space.

Blur is currently doing its season 2 of airdrops. Learn how to maximise your potential airdrops with our guide. Blur Airdrop Guide: How to Get Season 2 Rewards?

BLUR Tokenomics

Blur has minted 3 billion BLUR tokens, with 51% allocated to the community, 29% to past and future core contributors, 19% to investors, and 1% to advisors. A community treasury of 360 million BLUR tokens, equivalent to 12% of the total token supply, can be claimed by NFT traders, historical users of Blur, and creators. 39% of the BLUR supply will be distributed through contributor grants, community initiatives, and incentive programs, with 10% allocated to the next incentive release. (https://www.smallhandsbigart.com/) The vesting of BLUR tokens will occur continuously according to a set schedule for each group of token recipients.

Marketplace Growth

Blur is the world’s largest NFT Marketplace, having flipped OpenSea within 6 months of its release. It has achieved this success due to its user-friendly UI, low fees and deeper liquidity for NFTs. With over 400,000 active users and $1.4 billion in traded volume, Blur is the go-to platform for NFT traders. Its incentives program has helped it become the leading NFT Marketplace, offering users a secure and reliable platform to buy, sell and trade digital assets. With its innovative features and competitive fees, Blur is the perfect platform for anyone looking to get involved in the NFT space.

Conclusion

Blur is revolutionizing the NFT market in 2023 with its $BLUR token airdrop providing an eye-watering return on investment and reducing the cost of trading. The project has taken the digital art and NFT market by storm and recently flipped OpenSea in volume. It offers users an intuitive platform to trade, purchase and list their NFTs with no transaction fees or royalties charged, and is backed by some of the biggest crypto funds in the industry. With its innovative approach to the NFT market, Blur is set to become the go-to platform for digital art and NFT trading in the coming years.

zkSync is a Layer 2 solution for Ethereum that provides unlimited scaling and privacy. It is built on zero knowledge (ZK) rollup architecture and is designed to address the inherent drawbacks of Ethereum such as slow transactions and high gas fees due to limited throughput. Layer 2 blockchain protocols separate ownership from computation, allowing for smart contracts to hold all assets on the main chain while the off-chain component is responsible for computation and storage. As a result, zkSync provides a high transaction rate and L1 level of security, allowing users to transfer Ether and ERC20 tokens quickly and securely.

Layer 2 on Ethereum

zkSync Era is the first zero-knowledge EVM for Ethereum, launched by Matter Labs in February 2023. It is an open-source project with an MIT/Apache 2.0 license and offers developers the ability to deploy and test their dApps on the mainnet. The mainnet is currently closed to end users until Full Launch Alpha, the final milestone of zkSync Era. In the meantime, Matter Labs is actively pursuing security audits and bug bounty programs to ensure the safety and reliability of the platform. With zkSync Era, developers can take advantage of the scalability and privacy of zero-knowledge proofs to build powerful and secure dApps on Ethereum.

Matter Labs Team

Matter Labs is a Berlin-based startup that has created zkSync, the first EVM-compatible zero knowledge rollup supporting general-purpose applications in Solidity without costly gas fees and performance barriers. The startup has raised over $400 million from two dozen VC funds, crypto incubators, and investors, including the Ethereum Foundation, Dekrypt Capital, Placeholder, Dragonfly Capital, 1kx, USV, BitDAO, OKX Blockdream Ventures, and Huobi Venture. With its innovative technology, zkSync is set to revolutionize the blockchain industry and make it easier for developers to create applications on the Ethereum blockchain.

ZK rollups VS Optimistic rollups

Rollups are a type of layer 2 solution designed to increase scalability on the Ethereum blockchain. They allow for low-cost verification by rolling up many transactions into one batch and sending them all to Ethereum in one action. This reduces the amount of data that needs to be processed on the main Ethereum chain, allowing for faster and cheaper transactions. Rollups also use smart contracts to lock assets on the Layer 1 blockchain, providing an extra layer of security. With rollups, users can enjoy faster and cheaper transactions without sacrificing security.

ZK Rollups and Optimistic Rollups are two different types of Ethereum scaling solutions. ZK Rollups use zero-knowledge proofs to verify the batch of transactions and settle it as final on the Ethereum main chain, while Optimistic Rollups assume that every off-chain computation is valid unless proven otherwise. ZK Rollups have higher transaction rates and cheaper fees than Optimistic Rollups, making them a more cost-effective scaling solution. Both solutions are designed to help Ethereum scale and provide users with faster and cheaper transactions.

zkSync Features

zkSync is a Layer 2 scaling solution for Ethereum and ERC20 tokens that enables fast and cheap transfers. With a transfer fee of $0.02, a withdrawal fee of $1.59, and a one-time activation fee of $0.44, zkSync is a cost-effective way to scale transactions. It also supports gasless meta-transactions, smart contract interoperability, atomic swaps, limit orders, and native layer 2 NFTs. All of these features are open source and available to developers, making zkSync an ideal solution for crypto exchanges and other applications that require fast and cheap transactions.

It allows users to send and receive transactions faster and cheaper than on the Ethereum mainnet. It uses zero-knowledge proofs to ensure that all transactions are secure and valid. However, some users have reported slow speeds when withdrawing funds back to the L1 protocol, and dApps are less common due to the high computational power needed to prove every batch. Additionally, there is an issue of EVM compatibility, which further hinders dApps. Despite these drawbacks, ZkSync is a promising scaling solution that could help Ethereum scale and become more efficient.

Users are able to make cheap and fast transfers. It supports the majority of web3 wallets, including Metamask, Ledger, Trezor, Coinbase Wallet, Fortmatic, Portis, Keystone, KeepKey, and Torus. zkSync has brought cheaper crypto payments for millions of transfers, with over 14 million total transactions and 135 thousand verified blocks. Developers can find extensive documentation and resources to start building on the official website. The zkSync ecosystem consists of around 100 interesting projects, making it a great choice for users looking to explore the world of Ethereum scaling.

Conclusion

zkSync is a layer 2 blockchain protocol that enables fast, secure and low-cost transactions. It is a great choice for developers and gamers who want to build on the Ethereum blockchain. The zkSync ecosystem is dominated by DeFi, wallet, bridges, NFTs, and infrastructure projects. Argent, OKX Wallet, 1Inch Network, Balancer, Onto Wallet, Yearn.finance, Curve, ZigZag, Taker, Mute.io, and Reddio are some of the biggest projects onboard. Currently, zkSync doesn’t have a native token, but once it becomes fully decentralized, it will have a native token as a reward mechanism for ZK rollup operators and for staking. The zkSync AirDrop will also come with a native token.

ZkSync is a Layer 2 scaling solution for Ethereum that provides high throughput of up to 100,000 transactions per second. It is powered by Zinc, a native programming language, and offers smart contract interoperability with Solidity. Hacken auditors can analyze and review zkSync smart contracts for vulnerabilities, and the blockchain is secured with a security-first mindset and professional expertise of the leading smart contract auditor. zkSync also runs a self-hosted bug bounty program and may request the assistance of professional bug bounty platforms in the future.

The Solana blockchain is one of the layer 1 cryptocurrency ecosystems that is setting the industry standard for scalability and low latency. With its newfound ability to handle heavy transactional load during peak times, Solana could be opening up opportunities for savvy users to exploit fleeting arbitrage opportunities, or purchase desirable NFT’s before they’re gone.

Enter ‘Priority Fees’, a technology aimed at stabilizing the network against crippling congestion and data overload, particularly during peak usage times like the 2021 blockchain overload from trading bots. By offering Priority Fees, users can pay an additional fee to boost the speed of their transactions, effectively easing the transactional pressure at any given time.

Over the past few months, leading wallets, exchanges, and trading pools have adopted the feature, and various projects, developers and institutions have diligently monitored the average fee rate users are paying in to the network. The average transaction fee Solana users paid in a recent epoch was 0.000014641 SOL, though the maximum cost for priority fees was around $24,000.

A key advantage of the Fee Market system implemented by Solana developers is that it eliminates the need for one-size-fits-all spikes in fees, as is the case on Ethereum, where congestion in one part of the network has an adverse effect on the entire ecosystem. Having distinct fees for distinct transactions helps keep the trading fees affordable for users who are trading non-fungible tokens or participating in an arbitrage opportunity.

Projects such as the ‘Solana Compass’ offer an opportunity to gain insight into the current metrics of the Solana network and the incentives it offers to users, allowing them to make more informed investment decisions. Jonny Platt, CEO of Solana Compass notes that priority fees are driving more value into Solana tokens as they become increasingly scarce, and users of the blockchain are excited to see the results of the improvements made.

Priority Fees aren’t the only means of tackling network congestion. Core developers are still attempting to address the ‘spam’ issue with capable anti-spam plumbing, however they warn that until more features that make spamming uneconomical have been built, Solana’s transaction fees won’t be enough to curb the issue.

Despite its historical ties with the now-defunct FTX exchange, Solana has appeared to successfully bounce back from this minor setback. When compared to activity on the Ethereum network, Coinbase suggests that the SOL token is undervalued and should command a much higher market capitalization given that it is processing nearly 17 times the amount of daily transactions than Ethereum.

Navigating Solana’s massively busy network can be daunting, but with the implementation of Priority Fees, users no longer have to worry about time-sensitive transactions being delayed or stuck in queues. The upside to this potentially expensive fee system is that it offers users a significant degree of control during high-demand times, allowing them to quickly and conveniently jump to the front of the transactional queue, allowing them to exploit the arbitrage opportunities presented by the blockchain.